Wednesday morning markets round-up

European stock markets gave a muted reaction to Barack Obama's re-election today as attention switched back to familiar problems in the eurozone. With Greece's parliament voting on the austerity package required to keep the country's economy in business, many investors again opted to remain on the sidelines, leaving the FTSE 100 Index 5.6 points higher at 5890.6.

European stock markets gave a muted reaction to Barack Obama's re-election today as attention switched back to familiar problems in the eurozone.

With Greece's parliament voting on the austerity package required to keep the country's economy in business, many investors again opted to remain on the sidelines, leaving the FTSE 100 Index 5.6 points higher at 5890.6.

And despite today's US presidential vote, markets are focused on the "fiscal cliff", a combination of higher taxes and government spending cuts that automatically takes effect unless Congress acts by January 1.

In London's top flight, Burberry shares were 1 per cent higher after it met City expectations with 7 per cent growth in underlying half-year profits to £173m.

The company, whose shares rose 9p to 1261p, also reassured investors by sticking to guidance on prospects for the second half of the year.

FirstGroup shares were lower after it froze its half-year dividend at 7.62p as a result of uncertainty caused by the the West Coast rail franchise fiasco, which has resulted in the Government putting all bids for new franchises on hold while it reviews the process.

The bus and rail operator also reported a 42 per cent fall in underlying pre-tax profits to £48.7 million, but said it was on track with its turnaround plans. Shares were 2.3p lower at 203p, compared with more than 250p prior to the decision to cancel the West Coast bidding process.

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